29 Jun Question . The Inventory account appears on the:
Question
. The Inventory account appears on the:
A) balance sheet.
B) statement of retained earnings.
C) income statement.
D) list of liabilities
2. 2. When merchandise is purchased on account under the perpetual inventory system, the journal entry is:
A) debit Purchases and credit Accounts Payable.
B) debit Accounts Payable and credit Inventory.
C) debit Inventory and credit Accounts Payable.
D) debit Accounts Payable and credit Purchases
3. Under the perpetual inventory method, the account to which purchased goods are recorded is:
A) Purchases as a credit.
B) Inventory as a debit.
C) Cost of Goods Sold as a debit.
D) Purchases as a debit.
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